MONERO (XMR) Price Analysis (May 16)
• XMR/USD market operations yet feature around $70 and $60 range zones.
• Bulls have moved the crypto-trade in a rallying mote above a March 12 main price decline-level.
• The bulls pushing with a low-weight currently may end trading in an upper range zone not far from a $70 mark afterward.
Monero (XMR) Price Analysis
• Major supply zones: $80, $90, $100
• Major demand zones: $50, $40, $30
In the persistent range trading moves, the USD slightly prevailed over the valuation of Monero on May 10 as price closely averaged a demand zone at $50 line. On May 12, the crypto struggled to swing up its position against the US dollar to eventually touch a high point at $70 on March 14. Now, XMR/USD pair’s price hovers between the $70 and $60 points.
Notably, the bulls have moved the crypto-trade in a rallying mote above the main price decline that emerged on March 12. But as at present, it seems there is a tough-line around the $70 mark. As a result of that, the market’s value still has to rebuild more energy below the line to, later on, have a decent stride.
Monero (XMR) Technical Indicators Reading
There has been a set-up of small Japanese trading candlesticks around the trend-line of the 14-day SMA trading indicator around $70 and $60 price zones. The 50-day SMA trend-line is underneath the smaller SMA closer below the $60 line. All of those indicate that XMR/USD market currently trades in a range-bound manner. The Stochastic Oscillators have placed between ranges 40 and 60. But, they now appear attempting to close the hairs around the range 60. And, that may either signal a continuation of range moves or the possibility of witnessing a return of lowering market positions afterward.
XMR/USD bulls may have to take more time, mustering up muscles below a key supply zone at $70 for a better upsurge in the market. However, if the bulls should continue with the current low-weight moves, they may only succeed at moving the crypto’s value to a bit higher range trading line from the $70 mark.
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